Jagan earlier moved the high court contending that he is entitled to bail as a matter of right in view of the fact that the CBI had not filed a charge sheet within the prescribed time.

However, opposing Jagan's bail plea, the CBI had contended that the issue of statutory bail was argued at length in Supreme Court and the accused now cannot raise this issue once again.

The central agency had further informed the high court that the Kadapa MP was arrested in a particular case of VANPIC deal alone and not yet in other aspects.

On November 28, a special CBI court had dismissed his statutory bail petition observing that "granting bail at this stage of pending investigation will not only impede the investigation, but also infringe the avowed purpose set out by the Supreme Court in its order".

His second bail plea was also dismissed subsequently on December 4 after which Jagan moved the High Court and filed two bail petitions.

VANPIC project's promoter (industrialist Nimmagadda Prasad) allegedly invested Rs. 854 crore in the companies belonging to Jagan towards a largesses for which the then AP government, led by late YS Rajasekhara Reddy, doled out many favours in the form of awarding the project.

Jagan, who was arrested on May 27 this year by CBI on corruption charges, is presently under judicial remand and lodged at the Chanchalguda Central Prison ïn Hyderabad.

Earlier, on October 5, the Supreme Court had dismissed Jagan's bail plea in the disproportionate assets case.

While dismissing Jagan's bail petition, the apex court had ordered that the petitioner was open to renew his bail before the trial court "on completion of the investigation by the CBI in the seven aspects."

The central agency has so far filed four charge sheets against Jagan and others in as many cases.

The CBI has accused him and his late father and then Andhra Pradesh chief minister YS Rajasekhara Reddy of hatching a conspiracy to defraud the government with Jagan influencing his father in doling out certain favours to various investors, who made investments of several crores into Jagan's businesses (at very high premium) as a quid-pro-quo.